Curefit scoops up Rs 832 crore funding led by Singapore’s Temasek, Technology News, ETtech

Curefit scoops up Rs 832 crore funding led by Singapore's Temasek
Integrated health, wellness and fitness startup Curefit has raised an estimated Rs 832 crore in fresh funding led by Temasek, the Singapore government-backed investment company.

The financing round, has also seen the entry of two new investors to the Bengaluru-headquartered company’s investor cap table, GableHorn Investments and Ascent Capital.

Additionally, several existing investors of Curefit, which include venture capital firms Accel Partners and Chiratae Ventures, along with the investment arm of global consumer goods giant Unilever, have also participated in the latest funding round.

Accel, one of the early backers of Curefit, has invested about Rs 107 crore in the company, which was founded in 2016 by Mukesh Bansal, the founder of Myntra, and Ankit Nagori, formerly the chief business officer at Flipkart.

This will also be the second major investment in the Indian startup ecosystem in the last four months by Temasek. In December last year, it finalised a $100 million investment in Ascent Health and Wellness, which owns and operates online pharmacy PharmEasy, a development that was first reported by ET in its edition dated August 5.

The latest financing round comes about nine months after ET reported that Curefit had closed a $120 million capital raising initiative, which valued it at about $575 million.

That round, which was a mix of equity and debt, and undertaken over two tranches, was led by its existing investors Accel Partners and Chiratae Ventures, with new investors including Unilever Ventures, Epiq Capital, Innoven Capital, and Kotak Mahindra Bank also coming on board.

The company had also held discussions with SoftBank Vision Fund, but the talks are yet to result in a deal yet.

CureFit is building a platform offering health, wellness, food and merchandising through multiple brands, including a chain of fitness centres under the brand CultFit, a healthy food-delivery offering under EatFit, a few healthcare clinics called CareFit, and its mental wellness service under the brand MindFit.

Source link

Free Course

"Double Your Traffic in 30 days" + Secret Bonus

valued at $299

This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.

100% Privacy. We will never spam you!